Jack's House and Jill's House

By
Real Estate Agent with Real Living | At Home DC / MD / VA

Both of these sales are still in progress, so I will not identify them.  However, the salient points don't require addresses.

Small HouseJack is selling his home, and he's listed it for $420k, and it's been on the market for 16 days.  Jack's home is vacant, serviceable, though it is vacant. It's not been staged. It's not been painted for several years.  It's not had any maintenance done to the lawn other than what the ravages of winter and sunshine have done to it for the past 20 years.  There is no mold, there is no mildew. Walking up to the front door, the key isn't easy to work, and the aluminum exterior door hits my backside until the buyer holds it so I can finally get inside.  That's the "welcome" to the home. Not so much.

 

Jill is selling her home, and she's got it listed for $399k, and it's been on the market for 3 days.  Jill still lives in her home, so it has furniture, though the kid's toys were away and the dog's food dish was clean. The home is done in tasteful colors, not 1996 beige. The lawn is inviting such that I was ready to hit the back yard and play with their dog. The inside was clean, without any signs or smells to concern me. Walking to the front door, which opened with ease, I was eager to get inside this home because it was enticing me to come in and make myself feel welcome.

 

My buyer is eager and ready, but in this price point in the Washinton DC suburb of Arlington, Virginia, the buyer has to be ready to jump. Jill's home was on the market for $399k, we offered $425k but we were one of 5 offers and didn't get the home. Jack's home is still on the market, and my buyer doesn't have the heart to make an offer.  It's not simply a lack of vision, but rather, his life doesn't have the time and the ability to spend a week or so (at most), to get Jack's home up to Jill's level.  Yes, I'll continue to point out the advantages of Jack's home, but it was priced more than Jill's, priced more than the market. 

Silly Jack, Jill was the smarter seller in this case.

Posted by

Claude Labbe, Realty for Your Busy Life

Real Living | At Home
11 Dupont Circle #650
Washington, DC 20036
(202) 518-8781 bus / (703) 868-7774 mobile
claude@labbe.com

 

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Ambassador
2,869,458
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

I have a Jack seller and he just doesn't get it.  I keep showing him others that are selling in this market, but they have been updated.  

May 30, 2015 01:43 PM #1
Rainmaker
605,244
Claude Labbe
Real Living | At Home - Washington, DC
Realty for Your Busy Life

Tammy Lankford Do you remember the kid's story?

Jack is the one who fell down the hill and hit his crown.

Jill came down tumbling after, but she didn't hurt anything.

May 30, 2015 01:47 PM #2
Ambassador
2,869,458
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

Yeah, well Jack's sister in my story co-owns this inherited house and she won't pay for any upgrades either. LOL

May 30, 2015 02:23 PM #3
Rainmaker
1,495,772
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • Green • GRI • HAFA • PSC Calabasas CA

We have similar situation here: homes that prices slightly below or just right, getting multiple offers and eventually sold for more.

 

May 30, 2015 04:35 PM #4
Rainmaker
605,244
Claude Labbe
Real Living | At Home - Washington, DC
Realty for Your Busy Life

Inna Ivchenko Next time it happens, that represents an opportunity for a patient buyer.  Usually, Jack will eventually sell, for less than true market value.

May 30, 2015 05:09 PM #5
Rainmaker
1,495,772
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • Green • GRI • HAFA • PSC Calabasas CA

Sellers, as well as buyers, should be realistic. Of course, the nicely done property will be sold for more than a fixer. There is more to that than the price ( condition, views, layout, etc. etc.). But if the buyers looked at both and see no value in the property that is priced higher, it will stay on the market unwanted and the seller will be asking: ''why my property has so many showings and no offers?!  ''

May 30, 2015 05:45 PM #6
Rainmaker
2,036,697
Patricia Feager, MBA, CRS, GRI,MRP
DFW FINE PROPERTIES - Fort Worth, TX
Selling Homes Changing Lives

Bravo! Claude, you told the story like it is and I completely understand the point you're trying to make. Your mind works with such great logic and you weren't even insulting. You were doing your job, and you will continue to do your job. As Realtors, we are obligated to continue and pay for mandatory education  but this type of education comes from the experience, it's free and we never stop learning. I hope it becomes a feature story here on ActiveRain.

May 30, 2015 05:52 PM #7
Rainmaker
1,447,562
Kat Palmiotti
406-270-3667 (MT), 914-419-0270 (NY), Broker in NY with Grand Lux Realty and in MT with (coming soon!) - Kalispell, MT
The House Kat

Overpriced for condition usually just sits; priced right for condition flies off the MLS. 

May 30, 2015 08:58 PM #8
Rainmaker
605,244
Claude Labbe
Real Living | At Home - Washington, DC
Realty for Your Busy Life

Inna Ivchenko the "so many showings, no offer" question does tend to answer itself, doesn't it? It should be obvious.

Patricia Feager, MBA, GRI, Cert Negotiations Expert, Military Relo Prof The truth is so obvious that it times it's not believable.  When it's restated, then yes it really does stand as one expected.

Kat Palmiotti This is a fundamental truth, regardless of the city or the year.

May 31, 2015 01:19 AM #9
Rainmaker
2,036,697
Patricia Feager, MBA, CRS, GRI,MRP
DFW FINE PROPERTIES - Fort Worth, TX
Selling Homes Changing Lives

Hi Claude.... anything new to report on this great Real Estate story? It's one of my favorites. By the way, you have developed an extremely well Creative Writing style. This line is my favorite: "It's not had any maintenance done to the lawn other than what the ravages of winter and sunshine have done to it for the past 20 years."

Keep writing!!!

Jun 24, 2015 11:26 PM #10
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